{"id":7532,"date":"2023-10-31T11:24:55","date_gmt":"2023-10-31T11:24:55","guid":{"rendered":"https:\/\/infundpros.com\/business\/foreign-investors-sell-indian-stocks-at-fastest-daily-pace-in-a-year\/"},"modified":"2023-10-31T11:24:55","modified_gmt":"2023-10-31T11:24:55","slug":"foreign-investors-sell-indian-stocks-at-fastest-daily-pace-in-a-year","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7532","title":{"rendered":"Foreign investors sell Indian stocks at fastest daily pace in a year"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->Indian business &amp; finance<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=16145c3f-3b67-4315-9388-895ad80e2e83&amp;concept-id=16c775ab-378a-4ba0-aa9c-4cd9898bfcb7\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Global investors dumped a net $1.5bn worth of Indian stocks on Friday, marking the single biggest day of selling since September 2022 as mixed earnings, rising oil prices and \u201chigher for longer\u201d rates in the US weighed on appetite.<\/p>\n<p>The surge in sales by global funds follows a rush of inflows to India earlier in the year on the back of strong growth as investors shifted out of sluggish Chinese markets. Indian shares are up about 13 per cent from a low in March of this year.<\/p>\n<p>But analysts said Indian equities had been hit harder than other Asian markets in recent weeks. Weaker than expected earnings by IT companies and downbeat commentary from some Indian banks contributed to uncertainty over the strength of the country\u2019s economic momentum. <\/p>\n<p>India imports more than 80 per cent of its oil, making it vulnerable to crude prices. The price of Brent crude, the international oil benchmark, has climbed almost 5 per cent since Hamas\u2019s attack on Israel in early October.<\/p>\n<p>\u201cThe risk of a rise in oil prices from geopolitical tensions is clearly there,\u201d said Rajat Agarwal, an equity strategist at Credit Suisse.<\/p>\n<p>Agarwal added that fears over oil prices and expectations that the US Federal Reserve would keep interest rates higher for longer were spurring sharper outflows from India than other markets in Asia.<\/p>\n<figure class=\"n-content-image n-content-image--full\"><picture><source media=\"(min-width: 700px)\"  width=\"1259\" height=\"899\"><\/source><source media=\"(max-width: 490px)\"  width=\"539\" height=\"719\"><\/source><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/https:\/\/d6c748xw2pzm8.cloudfront.net\/prod\/57062560-77c4-11ee-9614-89f4bc81e255-standard.pn.png\" alt=\"Column chart of Daily net foreign inflows ($bn) showing Foreign investors dump India shares at fastest pace in a year\" data-image-type=\"graphic\" width=\"1259\" height=\"899\"><\/picture><\/figure>\n<p>\u201cA sharp rise in oil prices coupled with tighter US financial conditions is not a good backdrop for Indian markets in general,\u201d Agarwal said, pointing to the risk of downward pressure on the rupee as global investors shift out of emerging market bonds and into higher-yielding dollar debt. The rupee is down about 2 per cent against the dollar this year.<\/p>\n<p>Prateek Agrawal, executive director of Mumbai-based Motilal Oswal Asset Management, attributed the selling by foreign investors last week to two factors \u2014 US bond yields rising above 5 per cent, and the sharp increase in oil prices, which will hit India\u2019s balance of payments.<\/p>\n<p>\u201c[Foreign investors] believe India gets impacted a tad more than others\u201d by any surge in oil prices, Agrawal said. <\/p>\n<p>Anish Teli, managing partner at Mumbai-based QED Capital Advisors, said that foreign investors may also be disappointed by the recent share price performance of India\u2019s largest listed companies, which are richly valued and have seen fewer gains than soaring small- and mid-sized listings. <\/p>\n<p>Even after sharp gains in the second quarter, India\u2019s benchmark Sensex index is up less than 5 per cent this year in dollar terms. <\/p>\n<p>\u201cDespite the buoyant mood in India, the market has not done very much,\u201d said Andrew Holland, chief executive of Mumbai-based Avendus Alternate Strategies. <\/p>\n<p>Domestic investors \u201care a lot more comfortable\u201d with buying into Indian stocks, said Amar Ambani, group president and head of institutional equities at Mumbai-based YES Securities. \u201cThat\u2019s what\u2019s been holding [up] the Indian equity market despite this outflow.\u201d <\/p>\n<p>Ambani added that, even after recent selling, net foreign buying this year still stood at about $34bn, on track for the largest annual inflows in four years.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/16145c3f-3b67-4315-9388-895ad80e2e83\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the Indian business &amp; finance myFT Digest &#8212; delivered directly to your inbox&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-7532","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Foreign investors sell Indian stocks at fastest daily pace in a year | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the Indian business &amp; finance myFT Digest -- delivered directly to your inbox.Global investors dumped\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=7532\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign investors sell Indian stocks at fastest daily pace in a year | inFundPros\" \/>\n<meta property=\"og:description\" content=\"Stay informed with free updatesSimply sign up to the Indian business &amp; 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